tracy: good afternoon. i am tracy byrnes. ashley: i am ashley webster. bernanke is in london speaking out. his comments straight ahead.

tracy: meanwhile, we have a deal for cyprus. it will keep the nation using the euro. ashley: that is not enough to keep stocks in the grain. the dow is up 94-point. tracy: we have a former nfl quarterback in the rare position of playing defense. group bledsoe fighting for the right to send alcohol to his friends. he will explain that coming up. ashley: first, time for stocks now. let's head back to the floor of the new york stock exchange. down 100 points now. nicole: very interesting to watch what is going on on wall street. the idea that cyprus is on its way to a bailout and a plan with

the euro zone only to see the market turned around and turned into the red. we are down about 110 points on the dow jones industrials. bank stocks turned into the red and worried about contagion in europe, you have a very strong dollar today. worries that other countries may follow with this bank restructure. let's take a look at another story. increasing the focus on nondegree courses. you can see the stock is up about 9%. it did blow past the analyst estimates. i solve that corinthians had an up arrow. devry was actually actually pulling back some. ashley: lots to talk about.

thank you so much, nicole. tracy: cyprus reaching a last minute deal. a lot of people not happy. will the banks open tomorrow and what happens then? our very own bridge edson is in cyprus with the very latest. rich: the word here is banks will reopen tomorrow except for the nation top two banks. they are the two involved in this revelation resolution process. everything else goes to the nations top bank, the bank of cyprus where some folks will take a haircut. the dutch finance minister says this could have been resolved a long time ago, but politics made

it a lot worse. >> they could have been chosen a week ago. there simply wasn't clinical possibility to reach that agreement. within the possible days last week, we chose different instruments and now we have a better solution and worse circumstances. rich: he went on to say that this bailout procedure should be a template for the rest of europe in case it is needed again. banks in the euro zone should be reduced where appropriate. that created a lot of trouble. we expect the president of cyprus to be speaking any time now. back to you. tracy: thank you. ashley: the optimism is starting to fade a bit. the bank restructuring is a

template. should other countries start worrying or is just another example of kicking the can down the road wish mark joining me now is stephen pope. great to speak with you. to me it is like someone going in and the teller pulling the gun on the customer and asking that person for their money. >> i certainly think it could spell huge disaster. you have to look how key european banking has behaved. i think the situation is a reasonable deal given the circumstances. it will be further explanations

that the market will demand. ashley: i do not know. do you think depositors or really consider where your money is? >> i think that confidence has evaporated. unfortunately, it will lead into smaller individuals who will pay the price. the thing is if this deal was ready to stand pass the money laundering, why was it not attended to many months.

they want to keep little cyprus in the euro zone. they should have just given them the money. it will be in the session with that to gdp running close to 170% for the next few years. they will never pay back the money that is being given over. ashley: a lot of russians live in cyprus. there is some speculation and it is just that. >> certainly i think the russians will feel very much of greece.

yes, i think they will look very closely at some of their trade relations with germany. you may find it difficult. one has to be extremely careful. ashley: about 30 seconds left. everett bailout is supposed to inspire confidence in the authorities. i do not think one can take any compliments. it will come back and haunt them. ashley: very good. stephen pope in london. thank you for joining us. >> thank you. i pleasure. tracy: be careful of the russian

bear. icon is offering 15 billion, $15 a share for 58% of the struggling computer giant. michael dell left the door open for an alternative take over. either way, the company is valued at over $24 billion. special board committee has yet to decide if the new offer trumps the existing merger agreement. ashley: they do.

it is all about that stock price. tracy: have you felt the impact of the rising payroll tax? some people say, no, i am not one of them. we have a surprising result of a new survey ahead. former nfl grbac and winery owner group bledsoe is here and is lobbying efforts to allow direct wine sales. ashley: let's take a look at battles as we had to the break. the dollar increasing in value. gold moving lower as a result. we will be right back. ♪ it's monday.

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you how to make some money. what is going on with this market? charles: you remember -- market down. to be quite frank with you, environmentally it is a legit concern. you know, i will go check it out. i am definitely putting it somewhere else. immersion is an interesting company. they make a technology that is called haptic basic.

it really increases the touch screen dramatically. they finally settled a major lawsuit with motorola and google. earlier this month they signed a huge deal with google. the margins will be much higher than any other deal they have had before. they have deals with tokyo, motorola, almost all the major dealers. the stock is up a lot. people should know, if you go back to 2000, it was a $66 stock. you have your typical risk. a lot of their revenue comes from samsung. what a client to have.

it is one that people should take a look at. i think it will be a huge when. less than $11. tracy: 66. charles: we are down four or five dollars. i wish i would have jumped on it then. tracy: what does this do to apple? charles: i don't know. tracy: good stuff. we have to go down to washington, d.c. we have breaking news. bernanke speaking. peter barnes got a sneak peek. peter: he wants to talk today about currency. we will have to wait for the q&a for any comments on cyprus and the banking system there. in his remarks, bernanke dismisses critics.

he does not mention japan by name, but the yen has tanked since japan announced more stimulus. due to these policies, currency wars, he says that no, the benefits are not created. they, instead from the support for domestic demand. moreover because of stronger growth in each economy. it has the beneficial spillovers to trading partners. there will be a test later. thank you. ashley: there are always two sides of the story. central banks have been doing it

all around the world. tracy: i know. peter barnes will bring you the q&a session of bernanke's comments when they have been live. ashley: let's check these markets. nicole petallides at the nyse. you are also looking at some big tech names. nicole: i am keeping an eye on blackberry and yahoo!. down almost 3%. goldman sachs downgraded. it is not really up to par and not really doing that well. they are not seeing the sales that they had hoped. let's take a look at yahoo!. it is up one half of 1%. 23.25 a share.

back to you. ashley: barely up, but it is up. thank you. tracy: boeing announcing its plan to conduct a 787 and flight today. the troubled dreamliner has been grounded since early january. we heard last week they would do a little test flight. ashley: hopefully no smoke. with the securities and exchange commission approving nasdaq's plan to pay out towards losses of last year's facebook ipo, more of the compensation plan, it was overwhelmed by high volume on the very first day.

they delayed trade confirmations it decimated that nasdaq's mistakes during the ipo cost wall street about $500 million. they have approved nasdaq's payout plan, but it does not keep it from getting sued. tracy: this is day one for the cities new emergency manager. ashley: did you know it is illegal to ship alcohol to paul states in the u.s.? former nfl quarterback drew bledsoe will be here. he is calling and interference. that is coming up. tracy: the dow is down about 109

points. take a look at your currencies. we will be right back. ♪ >> announcer: you never know when, but thieves can steal your identity and turn your fe upside down. >> hi. >> hi. u know, i can save you 15% today if you open up a charge card account with us. >> you just read my mind. >> announc: just one little

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>> @23 minutes past the hour, i am lord rained with your fox news minute.

kerry was on the same page on the conflict of peace offering for the taliban. prince harry is coming back to the united states. it includes stops in washington, d.c., new york and colorado. he will be with wounded troops. no trip to las vegas is oo the itinerary. the supreme court will pick up to same-sex marriages this week. there will be oral arguments. both cases will be decided by the end of june. those are your headlines. back to ashley and tracy. ashley: lauren green, thank you very much.

have you ever tried to buy wine online and then have it shipped to you? direct alcohol shipments are limited in 12 states, including massachusetts. our next guest is trying to change that. drew bledsoe. i just don't know how you got involved in winery business. >> we like consuming and collecting a lot of wine. you have to have something else to do. i went back to my hometown and started this. it has gone really well for us. tracy: explained to everyone why there are these rules. >> they just have not gotten

around to change some of this stuff. it is a complicated process with each individual state. with massachusetts, it happens to be the seventh largest state in terms of wine consumption in the country. we were just simply like to see them change that. the courts have already ruled that their current law is unconstitutional. ashley: the legislature of massachusetts has not really done anything. the governor says, you are absolutely right, true. >> we understand they have bigger fish to fry than worry about the direct shipping of wine. we really feel like this is a simple one. it benefits the consumer. it is therefore the consumer. it is welfare for the distributors in the store.

it is one of those that really works for everybody. it also generates some extra tax revenue for the state. tracy: especially wine lovers. well over 90. washington state, though, could really benefit from this as well. >> we are still relatively undiscovered. most of the wineries are like ours. selling a few bottles here and there online direct actually does make a difference for the small businesses out there. hopefully we can get this done. my neighbors and washington would love to see the benefit of direct shipping.

ashley: you try to ship it and what happened? >> tommy did buy some one from us. the ten where are you in the process now? >> the legislation has already been drafted. i think it is number 294. i am sponsored by a great guy. now, we are just trying to encourage the massachusetts to get this bill out of committee. once it sees the floor and get voted on, it will pass. ashley: thank you so much for being here. >> thank you for taking the time. i appreciated. ashley: ;-) very much. tracy: americans are seeing smaller take-home pay this year

all due to that pesky payroll tax. this strange new poll says some workers do not seem to mind. i am not one of them. ashley: meanwhile, the dow turning lower. take a look at some of the leaders and the loggers. down 110 points at one point. there is a lot of red on that screen. we will be right back. ♪

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ashley: it is 1:32.

of the time for stocks as we do every 15 minutes. let's head to the floor of the new york stock exchange. our very own nicole petallides. we're making some sort of a comeback of the we were down 110. now we're down 83 points. >> we had a swing of 170 points today, tracy and ashley of the we had green in the morning and a lot of red started here on wall street. we started off with optimism. we see worries about italy and france and seeing a lot of banks selling off. and those are weighing. the big story is the euro. this is important all last week. it came to fruition. what we see the euro. weakness, worries, the confidence, obviously that's now evident. the euro here at lowest levels since november 22nd and dropping below 1.28.

obviously that is a big deal. you have the inverse relationship. you have a very strong dollar. the market sells off. you start to get worries back. obviously you will not see people buy up stocks when they have a little bit of fear in the market. that's what we're seeing now. the contagion concerns certainly are evident. you're seeing that in the euro for sure. ashley: yeah. getting cheaper to go to europe by the second. nicole petallides. thank you very much. appreciate it. tracy: this new survey out by bankrate.com. it finds that the payroll tax hike is not having much of an impact on consumers. in fact 48% of the american workers reporting not noticing the higher tax rate. what? 7% say they haven't been affected at all. 00 of dollars, loss in employee paychecks how can the increase go unnoticed? thank god, greg mcbride. ashley: bankrate.com up from florida. the weather here is just

awful. survey confuses me. anyone you talk to we're feeling pain. >> the results were frankly shocking. 30% of the consumers said they cut back on spending. more than half said they hadn't noticed or were unaffected by that what was even more shocking, tracy, who were least likely to cut back on spending and most likely not to have noticed were lower income workers. it was lower income workers said would be hit the hardest. we would scale back spending the most and that is where the risk in economy was. tracy: you think they have scaled back much already, there is nothing left to give up? >> i think there are a couple things at play. i don't think there is any one factor that explains it all. lowest income levels, below $30,000 a year. these are not salaried jobs. not the same amount. if there is change you may not notice. particularly working overtime one week and not working next. hourly job where your paycheck depends how many hours you work.

the fact is a lot of people aren't dialed into their finances. really they haven't noticed it. 2% is 2%. for a lot of people, that 2% is only raise they had the two previous years. when it went away we thought it would have effect on spending, so far, particularly on the lower income households, it is not. it is affecting more middle and higher income. tracy: if you made over 110 thousand was the cuttoff for fica last year. second you made over that, fica went away. you had a free ride for a while. not only is it back, but it is back higher. anyone making that income level is feeling it. >> income bracket from the 70 to $100,000 a year, those were consumers most inclined to cut back on spending. these are above median income households. these are a lot of families. these are people with salaried jobs where they will notice if the paycheck is different now than it was

last year or at the beginning of the year. tracy: 2% of whatever, $30,000 may not be as noticeable as 2% on 75,000. >> a lot of this, tracy, might be water building behind the dam. you may not notice the few dollars here or there in first few paychecks of the year. you get to the middle did. year cumulativelily it is couple hundred bucks, that is cumlative. tracy: you will come back and eventually told us this made a difference. greg mcbride, thank you for being here. go back to florida. warm. this week, cbs serves up the sweet 16 in college basketball. this may be the last time the final four will be an exclusive cbs event. we'll have details next. ashley: as we head to break, look at the 10 and 30-year treasurys. yield dropping on the ten-year, down two basis points. also on the 30-year yield you can see 3.13%, same drop by two basis points.

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ashley: morgan stanley throwing some sharp elbows in the del takeover battle. charlie gasparino here now with the inside details how the smallist of the major wall street firms has muscle when it comes to financing major deals, throwing elbows, huh, charlie. >> let's get through this news and some of that raj

rajaratnam. i have good detail. here is what we know. morgan stanley is always the odd man out. people say, listen they can't compete against jpmorgan. a megabank with lots of capital. you can finance just about any deal but people forget they are 22% owned by mitsubishi bank. it was a loan given during the financial crisis when morgan stanley looked like it was going out of business. that loan is coming in handy. as you know dell is basically, is a takeover battle for dell. blackstone is one of the bidders. 14.25 bid trying to upend the bid by silverlake and michael dell. who is behind the dell, blackstone deal, morgan stanley. guess who is behind morgan stanley? fox tell sources telling fox business network, mitsubishi will provide a chunk of this financing. their relationship with mitsubishi is coming handy within this deal. may provide a margin of difference to get the blackstone deal done and approved. carl icahn is in this as

well. i'm dubious of icahn's bid is noted greenmailer. kind of along for the ride. put your money in. buy a chunk of stock. you basically profit off the fact that other more serious buyers, i don't think carl icahn is serious buyer of dell, although he has a lot of money, i just don't see it. i don't believe it. but dell's being financed by morgan stanley which is being financed by mitsubishi. their relationship with mitsubishi helped tremendously getting advisory role. in terms of rajaratnam, clearly the younger brother is being indicted. he is pleading not guilty. i note a little bit about this because i'm writing a book about this. one of the interesting fact people forget on this whole story there wouldn't have been a case against galleon and raj rajaratnam and insider trading 11 years, if he din tip off the sec. from what i understand. it will be in the book, book in 2007 the sec, sanjay,

one. top investigators there was investigating his firm. began with a cherry-picking investigation. i don't believe sedna ran two or 300 million compared to galleon which ran they basically put rengan aside for couple years. actually, 2007. more than a couple years. six years. ashley: six years. >> they slowly developed the case but went after raj. ashley: he got swept up in another investigation. >> in his brother's investigation. tracy: one brother giving beneficial shares to the other, ends up screwing his brother? >> it became not, we have to point out it wasn't insider trading investigation at

first. sanjay was major player at sec in new york office in terms of insider trading. he caught matthew martoma which may lead to steve cohen, sac former fund manager trading on alleged insider information on elon. expert period of time network guy giving him the information. he was looking at the capital whole another time before the financial crisis because he thought they were cherry picking. looked like certain of segna's hedge fund clients obviously they got a tip along those lines. they were getting benefits. others weren't. when was raj. whether they looked at trading went on the trading looked suspicious. ahead of deals. sort of the stuff in this indictment. they looked at raj's trading too. that is when they really, that's when they really started to bear down. that is what led to raj rajaratnam, fascinating that

the brother who started the whole thing who got raj, bigger brother in trouble is now six years later now being --. ashley: he is not off the hook. >> not off the hook. pleading not guilty. his brother did as well. we'll see what ha hoops. ashley: great stuff, charlie gasparino. >> follow that line of reasoning. hopefully makes for a great book. tracy: will make a great book. good stuff. we have to go back to the floor of the new york stock exchange. nicole petallides is down there. dow is trying to come back a little bit. >> that's right. we're seeing the vix, the fear index remains to the upside. we have a very strong dollar. the dow is up off the lows. we want to look a couple movers. looking first at mcgraw-hill, purchasing $500 million worth of shares. some of the $1.9 billion from the education business. the shares are down 12% year-to-date. you can see up 3.5. we're watching smithfield foods. smithfield foods have hired

goldman sachs in order to weigh some strategic options including breaking up the company. this is according to reuters. smithfield foods up on this news, up about 3% on the day. back to you. tracy: thanks, nicole. we'll see you at the top of the hour. ashley: march madness is in full swing and cbs and turner scooping up millions of eyeballs tuning into the turn any but now there is speculation that the final four coverage could move to cable as early as next year. dennis kneale covering this story and joins us now. dennis. >> hello, ashley. kind of a good news, bad news thing for cbs because they're raking in some really good ratings so far in the first week of march madness, the college basketball tournament. cb. is putting out a press release moments ago saying this is some of the highest ratings that the basketball product has brought in over 20 years. just one problem, variety, the trade paper, reports that under cbs's contract with time warner's turner networks the games, the final four in march madness

move to cable a at some point. sources telling variety and other publications that could happen as early as 2014. that is next season. that's a blow for cbs as the big broadcasters, the big four have steadily lost audience to the cable dial, the one thing they still control is really, big, exclusive live events you can't see anywhere else. more of those events are defecting over to cable. let's remember in 2011 for the first time the college football championship game ended up going to espn from the fox broadcast network. and you can see that actually espn is bringing in every bit as many viewers, pretty much as fox was able to on the broader broadcast outlet. so cable now competes pound for pound with the same scale of audience that broadcasters do. cable brings in two revenue streams. broadcasters like fox get only one revenue stream like advertising. cable channels get advertising but also get

fees from the sable system so they can afford to pay for more big ticket events. now ncaa final four will be on cbs this year but might move to tbs or tnt next year. you have to wonder about even bigger events? what about oscars or emmy's? what about some day the super bowl? could it be true? watch this space. back to you. ashley: could indeed. dennis, thank you so much. by the way, sticking with sports we're just getting word tiger woods has won the arnold palmer invitation al, bay hill in florida. that means he reclaims the world number one ranking for the first time since 2010. this by the way is the 77th career pga tour win, 77 for tiger woods. finished two shots ahead of justin rose from the u.k., england. he is back on top amazingly so. i know you don't want to say anything. tracy: no comment. ashley: that is sports news. tracy: thank you. okay. moving on. so much for spring. the cleanup bills for cities and states piling up with

the latest blast of winter weather. ug. ashley: ugh. look at today's winners and losers. the dow is trying to regain some ground, down by 69 points. take a look at some winners and losers on the nasdaa. we'll be right back. it's monda a brand new start. your chance to rise and shine. with centurylink as your trusted technology partner, you can do just that. with our visionary cloud infrastructure, global broadband network and custom communications solutions,

your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every day of the week.

tracy: so the battle over indoor mobile location services is heating up. what tech giant just purchase ad gps startup to go toe-to-toe with google? shibani joshi is here to tell you with joshi on tech. >> hi, tracy. imagine going into short hills mall in new jersey and out in nordstrom and trying to figure out which way to get to the food court or maybe the shoe store around the bend? well instead of having to look at the map that you

find in the middle of the mall you take out the smartphone and it will google map you orrapple map you to your destination. on top of that, you could get coupons pinged to you as walking by j. crew and getting closer to nordstrom or away from nordstrom. that is the sort of the big picture idea that makes sense for the rationale for this acquisition. apple is trying to make good for the missteps in this new functionality, this new way by buying this company, instead of trying to build the technology itself. "wall street journal" is reporting that apple paid $20 million to buy an indoor gdp company called wi-fi slam. what they currently allow you to do is you can find things indoors. it is indoors focused with accuracy of 10 feet. this is about being able to find things underground and within four walls. for example if you're trying to figure out where the nearest mcdonald's here is underground in the rockefeller center you can't really do that on google maps. this type of technology

would be able to show you exactly how to do that in underground spaces and indoor spaces as well. something to look forward to. tracy: that is pretty cool. shibani joshi, thank you very much. >> thanks. ashley: coupons. tracy: i'm loving that. as you walk by? ashley: guess what? spring supposedly has arrived but it is hard to believe with the east coast getting hit with a mix of rain and snow. it's not great out there. from maryland up to through new york, with a winter storm sweeping through the midwest over the weekend leaving many areas with almost two feet of snow. now the east coast bracing for the storm he is a arrival with southeastern pennsylvania and southern new jersey expected to get the brunt of the snowfall, anywhere from three to six inches. the washington, d.c. and new york metro areas are expecting a slushy combination of rain and snow. that is pretty much what we've seen all day. tracy: enough. ashley: beautiful. tracy: enough. ashley: don't blame me. mother nature. tracy: ecch she was mad this year, wasn't she? ashley: she is in florida right now. tracy: all right.

well, coming up, stocks under pressure but this dow has climbed back since we've been on air. of course after the dow snapped a four-week winning streak last week, ing chief strategist doug cote will tell us whether it is time to adjust your portfolio. don't go anywhere. ash and i will be right back. announcer: where can an investor be a name and not a number? scottrade. ron: i'm never alone with scottrade. i can always call or stop by my local office. they're nearby and rea to help. so when i have questions, i can talk to someone who knows exactly how i trade. because i don't trade like everybody. i trade like me. that's why i'm with scottrade. announcer: scottrade- proud to be ranked "best overall client experience."

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a $29 dollar value, free. get protected now. call the number on your screen or go to lifelock.com tory lifelock protection risk free for a full 60 days. use promo code: gethelp. plus get this document shredder free-- but only if you act right now. call the number on your screen now! ashley: welcome back, everybody. i'm ashley webster. tracy: i'm tracy byrnes. a wild day for stocks. they opened higher. they fell deep in the red on cyprus and now we're off our session lows, actually only down 37 right now. ing chief strategist doug cote says it is time to get defensive. he is here in moments. ashley: painful, uncomfortable, a bad deal and theft. that is how cyprus's $13 billion bailout is being described. europe expert nile gardiner says it set as dangerous

precedent for the rest of europe. he is our guest ahead. chairman ben bernanke is minutes away from taking questions on cyprus policy and europe and more. we'll bring all the answers live. ashley: we get a lot of questions about cyprus. time for stocks. nicole petallides at new york stock exchange. tracy described it as a bit of a roller coaster today. >> it really is. we're seeing back and forth action of 7-point range. dow hit an intraday all time-record high. the vix, fear index, up arrow, oil higher. gold pulling back. you do have the euro break down to the lowest levels that we've seen since november 20 twek. the -- 22nd. the caution and concerns throughout the eurozone remain on the heels. cyprus bailout. it seems like good news but ultimately what does it really mean? the eurozone obviously

continues to worry about this. we're also watching big picture we're watching the dow, nasdaq and s&p all selling off ahead of ben bernanke's q&a you may remember last week when we had the fomc meeting, during the fed's statement, we didn't hear anything about the eurozone. that was something i certainly was concerned about. later, in his q&a, ben bernanke did mention the eurozone. obviously that has to be front and center for him as he watches that because we're a global market and the moods in europe will affect us here at home one way or the other. we're seeing that in the big money center banks right now. ashley: exactly right, nicole. we'll hear what ben bernanke has to say. we'll take a question and answer period in london live when it happens. tracy: cyprus reaching a last minute deal on a $13 billion bailout avoiding the collapse of its banking system and a euro exit. when will banks be open and what happens next? our very own rich edson in nicosia, cyprus, with the latest. hey, rich.

>> good afternoon. you're starting to hear about consequences around the world from the bank of international settlements. overseas lending and bank exposure to cyprus banks totaling $100 billion. as for the question when do banks reopen? tomorrow. all the banks except for the two involved here. the nation's first and second largest banks. the second largest bank, the poplar bank of cyprus will be resolved. its good assets, its insured deposits go to the largest bank where investors and large account holders take a haircut. we hit the streets earlier today it find out what folks actually think about this and the answers are mixed. >> for me the idea is to go out of the eurozone. enough with this joke? >> why? >> because, that is, i believe this, with a great reality what is happening. everything, every three months there is a new plan

of, a rescuing the country and sinking the people. this is the story. i've seen it in spain, in portugall in ireland, everywhere. i don't think here is will work. there is no way. >> i believe there will be difficult days. i believe in future economic cycles and people understanding all that has happened. i hope so. few months, few years. the life is better. >> he went on to say he believes that cyprus belongs in the eurozone. he likes the strength of europe. he says he wants to be part of it. so the eu and imf are going through the books of the bank, the bank that is getting resolved and other banks involved here and are continuing to see how much of a haircut those uninsured deposits will be taking. cyprus reportedly allowing an audit to see what type of money laundering, remember this place is a bit of a

haven for illicit money on number of different fronts. u.s. treasury weighing in that this deal fully protects insured depositers and critical to lay the foundation for a return to financial stability in greece, excuse me, cyprus. back to you. tracy: all a blur, rich edson, we get that and it is 8:00 at night. the guy has been working all day. ashley: greece, cyprus, very similar indeed. we'll have much more on the fall fraught cyprus coming up. nile gardiner says the bailout is dangerous for many reasons and he will join us later this hour to explain. stock alert. dell shares jumping after activist investor carl eye lawn -- icahn, blackstone group took up open invitation to bid on the computer-maker dell. they offered 15 bucks a share for the struggling computer giant. blackstone proposed paying $14.25 a share. michael dell left alternative for takeover

proposal making offer of just under $14 a share with silverlake partners last month but says blackstone's offer looks management friendly according to sources. dell shares up 5% since takeover talks began but a special board committee has yet to decide if the new offers trump the existing merger agreement. i think original merger agreement was $1.85 a share. a lot bbtter offers coming in -- 13.85 a share. tracy: translates to more money. let's talk more about these markets. stocks opened higher but quickly retreated on worries over cyprus and europe. market is coming back a little bit. down only 48 points right now. our next guest is recommending a defensive portfolio. doug cote, ing investment management chief market strategist. thanks for being here. we've been talking a lot how the fed spigot is open. the money whip keep coming.

get your money in market regardless where it is. >> you want to be in equities to build wealth but i would say be more broadly globally diversified in your equities. days like today why you want bonds. not for income. for volatility control and stability in the portfolio. i want to own a good contingent in bonds so i can own more equities that is the balance and defensive part of it so you're defensive if things blow up. cyprus we're not worried about. it seems thing are under control. look at france, look at italy, look at spain. these countries are not growing anymore. they're contracting so what does that mean longer term? ashley: you talk about the four tetonic shifts as catalysts for growth which sound very grand indeed. what are those catalysts? >> look, energy, first off. energy with, you've heard about the fracking but

further into that, i think that the trade deficit for the u.s., two to three years from now is going to go from deficit to surplus. we haven't had a surplus since 1975. secondly, global trade, global trade is actually very good for the u.s. because it grows the global economy. for instance, there's a new panama canal that is going to really bowler is it the south belt trade from china to other emerging markets. technology is always, we're looking in the technology, there is something called big beta. this is taking technology from cost controls to revenue enhancement. we coined our own pivot. per re, indsmeesh that, vietnam, oman and turkey.

tracy: what worries you the most right now? >> europe. i'm very concerned that cyprus is not by itself a big deal but they keep changing the rules of the game and the financial system is very precarious right now in europe. the u.s. is fine. and i'm just wondering how long can europe, we're in the third, they're in the third recession in five years, how long can they not grow? all the debt forgiveness in the world without economic growth will be a long-term problem. ashley: as long as this goes on, doug, we talk about the goldilocks environment but it is exactly what it is. it is not too hot to prompt the fed to pull back on its qe. but it is not too cold to push the economy into a recession. so kind of of in this same environment. how long do you think this could last? >> i don't buy the goldilocks analogy because we are in a low to zero growth. fourth quarter gdp in the

u.s. is still zero. corporate profits in the third quarter were negative. we're slightly positive now. but first quarter consensus is negative again. where is goldilocks? only the fed stimulus, the fed is protecting a really tight monetary stance by u.s. congress, raising taxes, and, no, i don't see goldilocks at all. tracy: goldilocks is arguably uncle ben, right? he is not going anywhere anytime soon, right? i could make a argument, sell in may, do away thing doesn't count this year. >> i agree with that one, uncle ben. i hadn't heard that before. ultimately it i is pushing on a string. you need to have private economy, you need u.s. corporations, you need to have the global economy growing and this monetary stimulus is getting in the way of good, pro-growth economic policy. tracy: seems everything you learned in school though is thrown out the window.

doug, thank you very much. >> thank you. ashley: where is goldilocks? that is a good question. coming up the cyprus bailout breaking the mold how to fix european banking problems. what does that mean for the rest of europe? the heritage foundation's nile gardiner will be weighing in just ahead. tracy: our special report, small business, big ideas. we'll meet one startup finding success helping men find their fashion groove. first time to check out how oil is trading. it is up almost a dollar. $94.68 a barrel. we'll be right back. we went out and asked people a simple question:

how old is the oldest person you've known? we gave people a sticker and had them show us.

we learned a lot of us have known someone who'sived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed: the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪ tracy: time to make some money with charles payne. he is back this hour and he has a stock from the communications industry. charles, the dow is coming back too. >> the dow is back a little bit. please don't let this another one of these watch the italian bond yields

every morning. here we go again. that was scary stuff as the guy said. jdsu, you could tell like when i was in third grade i used to collect stray dogs and take them to the vet this is one of these stocks that a lot of people on wall street would call a stray dog. i think it actually turn ad corner. i think it is coming back. give you an example. 50%. revenue over last several quarters come from brand new products. it still does the networking stuff. that is still sort of their core business but they're starting to execute. mobile networking of course now is where the big opportunity is over the next few years. huge compounded growth in tablets and smartphones. they do things in anti-counterfeiting which is interesting. communications with optical deviccs. so, the company seems to really have shifted around and i don't think now wall street is giving it its due, because it is one of the biggest disaster but a survivor of the big telecom --. ashley: pretty much moving higher, trying to move higher since last november so seems to be on a good track. >> they have beaten the street three quarters in a

row. last quarter, what i like, revenues were up 5%. gross margins improved nicely. operating margin improved dramatically year-over-year. that's what i look for. if they expand their margins typically the stock price goes up. it is one of the nails that i think the dust settled after about 15 years. maybe one you go back and revisit, jdsu. tracy: do you buy it here? >> you buy it here because of its old reputation i'm a little scared i would use $12.30 as a stop-loss. at least --. ashley: stray stock. >> stray stock but start to scratch, you know what? still got the flees, huh? ashley: still got the fleas. tracy: you have charles payne in your corner not too bad. >> see you guys later. >> quarter past the hour, time to check the markets. nicole petallides at nyse. what is going on with blackberry? >> we'll look closely at blackberry, formerly known

as research in motion. new blackberry z10 is out. march 10th was you the day you could walk in the store and pick it up. goldman sachs and citigroup showing concern. based on their surveys and research they did going from location to location from at&t to best buy, to radioshack to see how blackberry z10 was selling. they actually saw the number of units moving were not nearly what they had anticipated. that coupled with the fact it has been under pressure and launch date was so much after the announcement date. you may remember the announcement date was january 30th. the momentum sort of dwindled. then it was sort of revived because they got a big order. you can see here it is down about 4%. so some of the analysts becoming a little disappointed. don't forget this stock is up 130% over last six months. back to you. ashley: nicole, thank you very much. back in 15 minutes. tracy: who would have thought. still to come the ripple effects of the cyprus

bailout deal is examined. the heritage foundation's nile gardiner says it sets a dangerous precedent for the rest of the ire row zone. he will explain that coming up. ashley: look how the dollar is moving. look at this chart. gives you an idea. the euro is down as nicole is talking , to new lows we haven't seen for some time, down to 28.67. the pound also slipping but other currencies moving higher against the dollar. we'll be right back. [ engine revving ]

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>> at 20 minutes past the hour i'm lauren green with your fox news minute. secretary of state john kerry is meeting with hamid karzai in afghanistan. kerry said he and car size were quote on the same page on talks about the taliban. kerry is expected to discuss afghan security for the drawdown of u.s. troops by the end of 2014. detroit's new state 57 pointed emergency manager began first day meeting with some city council members. of kevyn orr is an attorney who represented chrysler during its restructuring. orr will try to fix the fiscal crisis over his 18-month term. the motor city has 327 dow million budget deficit and long-term debt of $14 billion.

britain's prince harry is returning to the united states. the just announced visit will happen in may and includes stops in washington d.c., new york, new jersey, and colorado. the visit is on behalf of charities he works with and this time las vegas is not on the itinerary. those are the headlines. back to ashley. ashley: probably mother's urging. fox news's lauren green, thank you very much. cyprus agreed to bailout by shrinking the banking system with wealthy depositers taking a big hit. our next guest says that sets a dangerous precedent for the rest of the eurozone. nile gardiner, from the margaret thatcher from the heritage foundation. this could lead to a bank run of sorts in many of the other eurozone countries. >> yeah, i do think it set as very, very dangerous

precedent for other eurozone members, not the least of four other countries inside the eurozone that accepted eu bailout conditions, namely, greece, portugal and spain. we're looking at a very, very dangerous long term situation because this can spark certainly a dangerous bank run. especially in a country like spain, for example. which is under very stringent conditions being imposed by the european union. there is widespread disillusionment with the whole e.u. bailout situation. that brussels can reach into private bank accounts in countries receiving e.u. bailout funds and brussels can take that money out in effect. this looks like socialism written at large on the european stage here and think it send all the wrong signals. and just earlier today the dutch finance minister who is leading the eurozone

group of countries declared categorically that cyprus is example pour the rest of europe to follow. this is the shape of things to come. this is disturbing for depositers across the region. they had money in quotes that are uninsured accounts. are there a lot of banks within the eurozone that have large number of depositers with uninsured accounts? >> well, basically, there is a european union wide or eurozone wide guaranty of one00,000 euros -- 100,000 euros per bank account. in a country like spain, for example, you have a large number of investors in those countries that have bank accounts exceeding 100,000 euros. i understand from a good source inside spain a lot of wealthy spaniards have been quietly shipping their money outside of spain and even outside of the eurozone all together over the past few months exactly because of

this kind of scenario that we've seen in cyprus. and this is going to fundamentally undermined confidence in the banking system in spain, portugal, ireland and in greece as well. so i do think this sends all the wrong signals. also of course it is an example how the germans in particular are increasingly wielding and flexing economic power in europe and certainly angela merkel herself was adamant that some kind of deal like the one we saw today with cyprus needs to be signed and this is certainly germany ex-inning a great deal of economic muscle now in europe, calling the shots with regard to national governments in europe and certainly a threat i think to national sovereignty in europe. ashley: nile, in the last 30 seconds or so, where does this all lead us? we talked before about the eurozone breaking up but is this a watershed moment in some respects because the

rules have really been changed? >> i do think it is a watershed moment and it is going to encourage i think a number of european countries to consider exiting the euro all together and i would think that certainly for the greeks, for example, that, what's happened in cyprus will frighten a the are of people there. it is going to lead to many greeks calling for an exit from the euro all together. i think if the greeks go, then certainly others could well follow suit. so i do think this send all the wrong signals actually across europe and it will fundamentally undermined confidence in the banking system in many european countries. ashley: we're out of time. thank you so much, nile gardiner with the heritage foundation as always, thanks very much for joining us. >> thank you. tracy: scary. ashley: it is. >> all right, coming up, the cyprus bailout and lingering cold weather in the country wreaking havoo on our energy markets. we're live from the cme next. ashley: plus will the real

winner of the ncaa basketball tournament be cable television? that story is coming up. first look at some of today's winners and losers on the s&p 500. as the dow trying to regain a lot of losses from earlier in the session. we'll be right back.

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use promo code: gethel if you're not completely satisfied, notify lifelock and you won't pay a cent. order noand also get this shredder to keep your documents out of the wrong hands-- a $29 dollar value, free. get protected now. call the number on your screen or go to lifelock.com to try lifelock protection risk free for a fu 60 days. use promo co: gethelp. plus get this document shredde free-- but only if you act right now. call the number on your screen now! cheryl: half past the hour, let's take a look at that dollar 30. still more red and green on the screen, but some stocks making a comeback. let's head down to the floor of the new york stock exchange, nicole petallides standing by.

with a guest. dagen: with a guest indeed. the former cypres cyprus trader. still on the board there. let's talk about cyprus. we'll move onto the euros on how this affects everybody. let's talk about cyprus, there was an invasion in the early '70s. tell us. >> 1974, turkey invaded and we lost 80% of our agriculture, 70% of our tourism in the head to work our way back. so now we are going see the international financial center destroyed because of what is happening. dagen: you believe cyprus would have been fine. >> economically it would have been fine.

but we are european, we need european support so it was the correct thing to do. nicole: the damage is done, you expect the cyprus economy to shrink? >> yes. between 10-20% contraction. this is enormous. cyprus will be in a recessionary period. it'll be hard or cyprus to get back on its feet. nicole: let's talk about tomorrow when the banks reopen. what are you expect? could it scary? >> it could be very scary. not allowed to take over 10,000 euros in the bank. hold money in the bank. the liquidity of the bank secured by the ecb, we will not run out of money. cheryl: we are seeing the euro

today, it is very telling, this is wh what people care about cyprus. this is the euros on we're talking about in other people saying this may be a model, what do you say of that? >> it is very unfortunate it can go around taking and freezing deposits over 100,000 euros. you cannot just expect them to have confidence in the euro zone. nicole: let's talk about the secret commodity. >> this is a level that have to use to get out of the debt emerging from the economic crisis. hopefully issuing bonds, raising capital to get the economy moving.

$720 billion of today's prices. nicole: you call the no vote, let's see if the bonds come around. yohe made a lot of good ones. a beautiful country. you should all go there this summer. you will love it, we promise. thank you for joining us. back to you guys. cheryl: that was great. dennis: breaking news, the bailout for cyprus driving oil prices higher hitting the highet level in a month. phil flynn in the pits of the cme. oil closing at $94.81 per barrel. >> they like it all of a sudden. they drove oil prices above $95 per barrel, but they were not so

sure they would like this for other bailouts. that drove the market when the debt finance minister made that call. we would back below 94, down to $93.70. late in the day as word came out the banks were planning to reopen on thursday assuming they did that, we rarely do. you also have crude oil normally rallying this time of year. they will kick into high gear, and that will mean the demand for oil helping us out as well. dennis: the calendar says it is spring, but winter hanging tough, what about natural gas? >> has the fear about going above $4. they have been knocking on the door, but one thing i will tell you is we have seen hedge funds get into this market at the highest level in over three years and despite the fact it

has pulled back driven by cool prices, there is something deeper going on in this market. if you look at the long end of the market it will come back in a big way. even when the weather starts to warm up assuming that ever happens. dennis: what has the volume been like? what kind of volume have you seen? >> it seems like it is copper and gold in those kind of things, but they are getting into things like natural gas. i have a feeling of what we are seeing getting ready to come back maybe in a big way. near the bottom. get long volume if you can do that. cheryl: some breaking news now. ben bernanke just wrapping up his speech at the economics,

peter barnes here with the latest. peter: so far is just focusing his comments on currencies and currency war, we're waiting for the question and answer time that is coming up with ben bernanke on a panel where we expect some news of changes in the fed policy down the road, but right now he chose to focus his prepared remarks on potential currency wars and dismissing critics who say they are devaluing the monetary stimulus and boost economic growth. he doesn't mention japan by name, but the yen has tanked since more stimulus, more monetary policy easing. he says they constitute competitive evaluations? he says no. speak of the benefits are not created in a significant way by

changes in exchange rates. they come instead by the support of demand in each country or region. >> so far he has been defending economic monetary policy to help the domestic economy in each of these countries, the u.s. and the others and not to intentionally lower currency, but we're waiting on the q&a coming up for additional news. tracy: thank you, sir. we will bring you the q&a portion when they happen live right here. ashley: also saying at that same conference the crisis is far among us, we're still another prime example doing with the output. small business, big ideas. explosive growth helping men

dress for success. next. tracy: but first, the dow down 64 points, let's check on the 10 and 30-year treasuries down two points on your 10-year and your 30-year down as well. we will be right back. [ indistincthouting ] ♪

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>> i'm shibani joshi with your fox business brief. pleading not guilty in a federal court today to insider trading charges, the younger brother now serving an 11 year sentence. he is charged with one count of conspiracy to commit securities fraud and six counts of securities fraud. being released on $1 million bail. the fcc has approved nasdaq plan to pay out $62 million toward last year's botched ipo from facebook. the trading system was overwhelmed by high volume on the first day sending stocks traded at delaying confirmations and contributing to a chaotic day for investors. it is estimated nasdaq mistake could cost wall street $500 million. that is the latest from the fox business network, giving you the power to prosper.

tracy: in today's "small business, big ideas," turning some heads with sales expected to double this year from last. finding clothing that suits them. joining us now from chicago. people should know you are one of the cofounders, making pants for men, mail order pants. >> yeah, that is right. at some point we have this philosophy big guys don't look good but hate the process of shopping's we're trying help them with their entire wardrobe and have a lot of fun doing it. tracy: you put in your

measurements, you attempt to pick your style and you guys send 10 items, no money, no nothing, you just send stuff? >> when you sign up online your assigned to personal stylist. that person will reach out to you by phone or e-mail. the follow-up on the questionnaire and confirm details and your interest level in our service, understand what you are signing up for and he or she will put together a trunk, usually 10 items. what if you have with your stylist, and you are correct to note there is no risk in trying. it is free shipping both ways i only charge you for the close ones he returned the stuff that doesn't work for you, we charge you for what you keep. as much as you would like to

repeat the process. tracy: i guess people are manning up and paying because sales are up, right? $1 million in revenue, projecting 40 million for 2013? >> we have had a good run in chicago, we have 25,000 all over the country, and it turns out guys like to have people take care of this for them. tracy: me been absolutely hate o shop, right? you are not making money, so it has to happen to start turning a profit? >> that is a great question. would like to think by the end of 2013 we will be right around that breakeven revenue number which is about $50 million annual rate. we will be close, maybe even a little ahead of the plan.

what needs to happen is to scale to get operating leverage and cover the considerable expenses that come with getting a business like ours off of the ground. they are expensive people. general startup operating expenses. tracy: thank you for taking the time. >> thank you for having me. tracy: if they fit, bonus. ashley: just after a quarter until. time for stocks, down to nicole petallides on the floor of the nyse. nicole: let's talk about what we are seeing. the market to the downside, most of the banks are lower.

one showing a significant gain. national bank of greece. last week it a low of $0.87, so that was obviously on the worries of the euro zone. a different picture gaining 8. 8.5%. the lowest level since novembe november 22, the national bank of greece having their own celebration today. red hat was caught over at raymond james downgraded to market perform from an outperform. down 4.5%. some rising worries that the ubiquitous. down $2.35. back to you.

ashley: thank you so much. tracy: let the battle begin. a key weapon in the escalating war with google. ashley: let's take a look at some of the winners and losers on the nasdaq. we will be right back. it's monday.

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ashley: the battle over indoor mobile location services is heating up. apple just purchased an indoor

gp started to go toe to toe with google and the big battle. shibani joshi has details. >> it may be just a map app, too you don't care who you're giving your mapping details from a slight against you from point a to b. but the provider of the mapping service feel very differently because there is huge money to be made getting you to choose their map app. just a few of the names involved in that. apple in particular tried to make up for missteps that made recently with the apple maps snafu sending people into crazy parts of australia, misleading directions and they are trying to make amends by making acquisitions. the company is buying a start up company for $20 million. and i will send it right back to you. ashley: thank you very much. breaking news, fed reserve

chairman ben bernanke now taking questions at an event at the school of economics. let's listen. >> i think as much as it is an institutional problem having the range of the skills and they are talking to each other so the federal reserve we have a lot more disciplinary work fo where they talk to supervisors and financial people and etc., having the right skill set having talked each other is just as important as having the right people at the top. >> i could add i guess what ben said is absolutely right. when you go for the outset and the quality of work throughout all the divisions is certainly something very surprising, these are well-run, well oiled

machines and so being the governor at the top of institutions like that, you become very humbled at the start because people are very aware of what they are doing. i would still maintain that you there's no conflict between what that indicated being a central bank and a regulator because getting regulations right there is some conflict. the typical reflex it is a financial crisis is claimed to supervisors in charge when it went wrong. so what typically happens is the charge, and if all of this is the central bank, there is inherent conflict between providing liquidity and covering up some of the oversight problems you may not have taken care of, this is something that speaks for that.

in a german environment you come out of a separation of roles for many other organizations coming down on different. but central banks are now really trying to hire people in the financial industry and i can tell you since there are many layers, there are people available. [laughter] >> looking forward to the day he can't miss are regarded. he didn't have in mind tha the y of dreaded contact or people imposing great pain. i don't think we've reached that point, but one thing they have is a very substantial and very specific expertise. i think if you look at the world's central bankers today, you look at the world of central

bankers 30 or 40 years ago, you will find there has been a substantial change toward people whose previous life experience has involved some substantial contact with the world of economics were some substantial contact with a world of financial markets who have some substantial capacity to deal with quantitative analysis. i think that is a reflection of demand that becomes somewhat different than they have been in the past. >> ben bernanke mentioned the exchange rate during the standard and how the monetary

policy was full strength in that period. wondering if there can be summed with the currency situation in the euro zone, maybe the exchange rate is among the reasons of the crisis. so the crisis is, what is the lesson we have learned having monetary policy occurring in europe? i wonder if we can draw some conclusions for the european central bank. >> a basic question of the optimal currency, what is the right size for a single monetary policy. there are some areas where europe is an optimal currency in the similarity of economies, the benefits, the trade, credibility advaes